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Kam Hing International swings to loss in H2

Kam Hing International Holdings Ltd. said its second-half normalized net income came to a loss of HK$1.4 million, compared with income of HK$2.2 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue decreased 15.6% year over year to HK$1.74 billion from HK$2.06 billion, and total operating expenses decreased 11.5% year over year to HK$1.76 billion from HK$1.99 billion.

Reported net income came to HK$19.6 million, or 2 cents per share, compared to a loss of HK$5.9 million, or a loss of 1 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled 5 cents per share, a decline of 15.4% from 6 cents per share in the prior year.

Normalized net income was HK$42.2 million, a fall of 15.2% from HK$49.7 million in the prior year.

Full-year total revenue decreased 11.8% from the prior-year period to HK$3.66 billion from HK$4.15 billion, and total operating expenses declined 9.5% year over year to HK$3.61 billion from HK$3.99 billion.

The company said reported net income increased 28.7% year over year to HK$75.0 million, or 9 cents per share, in the full year, from HK$58.3 million, or 7 cents per share.